Bascom Group Acquires 294-Unit Class A Apartment Community in Las Vegas

The Bascom Group has purchased The Ellison, a 294-unit Class A apartment community in Las Vegas, Nevada, for $103 million, or $350,340 per unit. Located at 9235 West Russell Road in the Summerlin/Spring Valley submarket, the property was completed in 2024.

Lyon Living partnered with LandSpire Group and Rockwood Construction to develop it, while Cushman & Wakefield serves as property manager. The Newmark Investment Sales team of Jonathan Merhaut, Doug Schuster, and Curt Allsop represented the undisclosed seller.

Resort-Caliber Amenities Set The Ellison Apart in the Las Vegas Market

The five-story community offers studio, one-, and two-bedroom floor plans averaging 901 square feet. Its wrap construction includes eight levels of direct-access structured parking, a rare feature in the Las Vegas market. The rooftop features a heated resort-style pool and spa with a jumbotron screen. Additional amenities include a clubhouse lounge, spin room, Pilates studio, and an indoor-outdoor fitness center.

Jason Hanna, Senior Principal of Operations at Bascom, said, "There is no comparison in the area to The Ellison's incredible rooftop…with amazing views of the Las Vegas Strip."

Prime Location Near the Strip, MLB Stadium, and Major Employment Hubs

The Ellison sits along the I-215 Freeway in "The Curve," a southwest Las Vegas corridor. It offers direct access to Summerlin, the Las Vegas Strip, and Harry Reid International Airport. Nearby developments include the Athletics' new MLB stadium, Intermountain Healthcare's Children's Hospital, and expansions of Roseman University's Nursing School and the UNLV Harry Reid Research & Technology Park.

Acquired at a basis significantly below replacement cost, The Ellison represents the kind of institutional-quality asset that rarely comes to market in one of Las Vegas' fastest-growing submarkets.

Tom Gilfillan, Vice President at Bascom, said, "The Summerlin/Spring Valley submarket consistently outperforms the metro, with stronger demographics, higher income levels, and demand drivers that are real and growing."

Bascom Secures AXA Financing as It Deepens Its Las Vegas Footprint

Newmark's Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi arranged acquisition financing through AXA Investment Managers US Inc. Since 2013, Bascom has acquired 37 Las Vegas properties totaling 9,959 units, representing over $1.4 billion in acquisition costs.

The firm currently owns nine communities in the market and previously owned two properties within half a mile of The Ellison. Gilfillan said, "Opportunities like The Ellison do not come around often. This is a brand-new, institutional-quality asset acquired at a basis significantly below what it would cost to build today, in a submarket with one of the strongest long-term growth stories in Las Vegas. We are excited to get to work."